Abstract:
This paper estimated an optimal monetary policy rule with a time-varying parameter model, and two-stage MLE method is used due to endogeneity problem. The results show that China's monetary policy has targeted on the lagged housing price misalignment since the third quarter of 2011, but has never targeted on the expected housing price misalignment. The implication is that the response of monetary policy to housing price misalignments is passive and periodical. The interest rate adjustment measures interact with the housing market regulation policy during 2011 to 2016.
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